Mobile money has transformed the way Ghanaians conduct financial transactions, making cashless payments more accessible than ever. What was once a niche service has become a dominant force in the country’s financial landscape, with staggering growth year after year. Recent data from the Bank of Ghana underscores this trend: mobile money transactions reached an impressive GH₵649.2 billion in the first two months of 2025 alone, marking a substantial 64.7% increase compared to the same period last year.
The success seen in early 2025 follows a notable trend from the previous year. In 2024, the total value of mobile money transactions soared to GH₵63.02 trillion, marking a 57.9% increase from 2023. This consistent annual growth underscores a financial ecosystem increasingly shaped by technological advancements and consumer convenience.
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Monthly Transaction Breakdown
Breaking down the figures further, January 2025 alone accounted for GH₵633 billion in mobile money transactions, which moderated slightly to GH₵6316.2 billion in February. Despite this marginal decline, the figures still represent a significant rise over the GH₵6394.2 billion recorded during the same period in 2024, highlighting sustained consumer engagement with mobile payment platforms.
Regulatory Changes and Their Impact
A key factor driving this growth has been the evolving political and regulatory landscape. The abolition of the Electronic Transaction Levy (E-Levy) by the newly elected administration is expected to catalyse further adoption of mobile money services. Analysts predict that removing this levy—previously seen as a burden on transactions—will encourage even more users to embrace mobile money, further strengthening Ghana’s financial technology ecosystem.
Rising Adoption and Availability
The number of registered mobile money accounts also indicates a growing user base. As of early 2025, there are 74.1 million registered mobile money accounts, up from 66.9 million a year earlier—a clear testament to the service’s increasing popularity. However, there remains a notable disparity between registered agents and active facilitators: while there are 896,000 registered mobile money agents, only about 411,000 are actively facilitating transactions. This gap suggests a need for continued training and support to ensure all registered agents can contribute effectively to the ecosystem.
Record Numbers from 2024
The mobile money sector’s expansion was evident from its record-breaking performance in 2024. With the overall value of transactions reaching GH₵63.02 trillion, the implications of such growth cannot be overstated. Experts remain optimistic that with ongoing sector expansion and the easing of regulatory pressures, Ghana’s mobile money market will witness even greater growth in the coming months.
Historical Context and Future Outlook
Mobile money services were first introduced in Ghana in 2009 by MTN, followed by other telecommunications companies such as Airtel and Tigo Cash. Since then, mobile money has become deeply integrated into Ghanaian finance, demonstrating high adoption rates and a significant economic impact. Notably, 59.7% of the population aged 15 and older actively use mobile money services, illustrating its crucial role in everyday transactions.
In 2023, an average of 18.6 million mobile money transactions were recorded per day—a 34.4% increase from the previous year—further emphasising the platform’s essential role in the financial sector.
Data from the Bank of Ghana highlights the impressive resilience and potential of the mobile money sector. With more users embracing mobile payment solutions and the recent removal of the E-Levy, the future of mobile money in Ghana looks promising. As the country navigates this transformative phase in its financial landscape, prospects for further growth in mobile transactions and financial technology innovations remain bright.
